The Basics of the 341 Meeting of Creditors | Utah Debt Relief
In a creditors’ meeting in a bankruptcy case (341 meeting) the debtor is subject to examination. The debtor is subject to examination under oath and any examination that is made must be recorded. This recording of examination must be kept and available to public access until two years after the date of the recorded meeting. The debtor may be examined by the creditors within the meeting or an indenture trustee or trustee examiner concerning the case.
Examination of the Debtor
The trustee’s role in the creditors’ meeting is to investigate the financial affairs of the debtor. The debtor himself is not able to conduct an examination at the first creditors’ meeting. After the first meeting of creditors the debtor is able to make a motion to conduct an examination of his own.
Equal Access for Creditors
One creditor present in the meeting should not dominate the examination and create a disadvantage to the other creditors who are seeking information of their own. Inquiries that are brought to notice at a creditors meeting are up to the discretion of the creditors so long as it pertains to the debtors’ property, conduct and affairs. This allows the creditors to freely discover the character of the debtor concerning his discharge of debts owed and potential objections he might have to discharge. Another reason for the examination of a debtor in a meeting of creditors is to learn of the debtor’s assets and if any assets have been concealed.
A total refusal of information concerning the case by the debtor is not permitted in a creditors’ meeting, however, the Fifth Amendment can protect the debtor if he refuses to supply certain information pertaining to the case that may incriminate him.
Salcido Law Firm
At Salcido Law Firm you can rest assured that we will accompany you to the creditors’ meeting. We will protect your interests and your rights and make sure that things go as smoothly as possible.
For all of your bankruptcy needs call us at 801.413.1753. We’ll get you in to speak with a licensed Utah bankruptcy attorney the same day if your schedule permits. You can also email us to begin the process.